World Bank approves USD 250 Million energy project in Lebanon

The World Bank announced on Thursday, that it has approved a USD 250 million project to enhance renewable energy in Lebanon by restoring electricity grid services and supporting the continuation of reforms. In a press release, the bank stated that "the electricity sector has long been at the core of the economic and financial challenges Lebanon faces," noting that the successive crises Lebanon has experienced over the past years have led to a "significant deterioration" in the operational and financial viability of this sector. The statement added that the World Bank is currently working on activating emergency response plans in order to redirect resources within the bank's project portfolio in Lebanon "to meet the emerging needs of the population." It explained that this includes providing emergency support to displaced people affected by the conflict through a digital platform that the World Bank helped establish during the COVID-19 pandemic, which has proven to be an "effective means" of delivering targe ted support to those in need. The statement pointed out that the series of crises Lebanon has faced since 2019 has led to a "rise in poverty rates," adding that according to the latest World Bank estimates, the poverty rate in Lebanon has more than tripled over the past decade, reaching 44 percent of the total population. The statement also mentioned that earlier this year, the World Bank assessed the damages and losses in the areas most affected by the conflict in southern Lebanon, which amounted to around USD 750 million in many sectors in these conflict-affected areas as of last July. It added that the World Bank is currently updating this assessment to cover the increasing damages and losses resulting from recent developments due to the war in Gaza and its repercussions on Lebanon. Source: Kuwait News Agency